The US Dollar pares some of its earlier losses against a basket of six currencies as measured by the US Dollar Index (DXY) and rises over 0.12% against the Swiss Franc amid a session characterized by an appetite for high-beta currencies.
USD/CHF bounces off, marks a 0.12% rise as market sentiment weighs on safe-haven currencies. Technical analysis suggests potential for further gains if the pair surpasses the 0.8800 resistance level. Downside risk remains if USD/CHF dips below 0.8750, with subsequent support targets at 0.8726 and 0.8700. The US Dollar pares some of its earlier losses against a basket of six currencies as measured by the US Dollar Index and rises over 0.
Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks.
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